- Strategy executed its largest Bitcoin purchase in over a month, spending $1.28 billion to acquire more of the cryptocurrency.
- The firm funded the purchase partly by issuing a record $377 million of its STRC preferred share, which it uses as a capital-raising tool.
- Despite the aggressive buying, the company’s massive Bitcoin stockpile is currently showing an unrealized loss of approximately $5.5 billion.
Strategy loaded up on an additional $1.28 billion worth of Bitcoin last week, marking its most significant purchase in over a month. The Tysons Corner, Virginia-based firm now holds roughly 738,750 Bitcoin, a stockpile valued at about $50.5 billion according to a press release.
The acquisition was partially funded by the rapid issuance of $377 million in STRC, its variable rate preferred share. This marks the fastest rate of issuance for the financial product since its $2.5 billion debut last July.
Consequently, the firm’s average Bitcoin purchase price dropped to approximately $75,800. This adjustment means the company is carrying a substantial unrealized loss of around $5.5 billion on its total $56 billion investment.
Meanwhile, the company’s stock price rose 2.8% to $137, according to Yahoo Finance. However, shares have still declined 58% over the past six months, reflecting market pressures.
Strategy‘s co-founder Michael Saylor celebrated the milestone, posting “The second century begins” on social media. This purchase follows the firm’s 100th Bitcoin acquisition last month, cementing its aggressive accumulation strategy.
This relentless buying has drawn scrutiny as the company shoulders the monthly costs of products like STRC. Traders on the prediction platform Myriad recently penciled in a 14% chance the firm sells some Bitcoin this year.
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